[Coal Chemical Industry] The first anniversary of the establishment of the Science and Technology Innovation Board-listed new materials companies usher in a bright moment

2020 marks the 30th anniversary of the construction of China's capital market, and also the first anniversary of the opening of the Science and Technology Innovation Board.

Major reforms of the capital market

The Science and Technology Innovation Board, announced by President Xi Jinping at the opening ceremony of the first China Import and Export Expo on November 5, 2018, is a newly established board independent of the existing main board market, and a registration system trial is conducted in this board.

On January 30, 2019, the China Securities Regulatory Commission issued the "Implementation Opinions on the Establishment of the Sci-tech Innovation Board and the Pilot Registration System on the Shanghai Stock Exchange"; on March 1, the "Administrative Measures for the Registration of Initial Public Offerings on the Sci-tech Innovation Board (Trial)" "And "Measures for the Continuous Supervision of Listed Companies on the Science and Technology Innovation Board (Trial).

On July 22, 2019, the first batch of 25 scientific and technological innovation companies officially "done the gong", marking a new step towards comprehensively deepening reforms in China's capital market.

“The establishment of the Science and Technology Innovation Board and the pilot registration system have achieved initial results, played a supporting role in financing for science and technology enterprises, and effectively improved the efficiency of market resource allocation.

"Experimental Field" is thriving

Since the establishment of the Sci-tech Innovation Board, "Science and Technology Innovation" has always been an important label and mission of the Sci-Tech Innovation Board.

According to statistics disclosed on the official website of the Shanghai Stock Exchange, as of July 24, a total of 140 companies were listed on the Science and Technology Innovation Board, with a total share capital of 47.

"The conditions for issuance and listing on the Science and Technology Innovation Board are more inclusive, focusing on six strategic emerging industries of new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, which facilitates the listing and financing of Chinese technology companies.

Industry insiders believe that the biggest innovation of the Sci-tech Innovation Board is that there are no direct requirements for corporate profitability.

Prospects for listed companies

The chemical companies listed on the Science and Technology Innovation Board are more concentrated in the field of new materials, and they are often the leading companies in the subdivisions.

Standing at the new starting point of the first anniversary, the Sci-tech Innovation Board has a longer way to go.

The chairman of the China Securities Regulatory Commission, Yi Huiman, has publicly proposed not long ago that the CSRC’s proposed measures include speeding up the introduction of the technology innovation board stocks into the Shanghai Stock Connect, introducing a market maker system, and studying allowing IPOs to continue to promote the construction of the sci-tech innovation board.

The assistant to the president of Kaiyuan Securities and the director of the research institute also made suggestions for the next reform of the Sci-tech Innovation Board.

(Keyword: time of establishment)